LAKE MILLS, Wis. — Loeder Oil Co. has sold its nine convenience stores to Moe’s Mart LLC, Dallas, exiting the petroleum and c-store industry after 46 years.
Loeder Oil has a long history, with Bill Loeder beginning his career in 1969 with Amoco Fertilizer. The company transferred him to the heating oil division in 1972 as an agent with one truck. In 1976, Amoco discontinued the agent relationship and replaced it with a jobbership relationship. Loeder started operating the first garage and store in 1978 with the addition of delivering heating oil with 5 trucks and representing Lennox, offering a full heating department.
In 1988, Dan Loeder joined the family business, and in 1992, the family made a decision to exit the heating oil and Lennox businesses and focus on managing and growing the convenience-store concept, ultimately expanding the company to a total of nine stores.
Both Bill Loeder and Dan Loeder have enjoyed the growing of the company and the business of owning and operating convenience stores but realized the time had come to exit the industry and pursue other opportunities, according to Terry Monroe, founder and president of American Business Brokers & Advisors, Effingham, Ill., and Bill Fecht of WJF Services Inc., Bloomington, Ill., who provided merger and acquisition advisory services to Lake Mills, Wis.-based Loeder Oil, including valuation, marketing and negotiation of the transaction.
Moe's Mart has more than 20 c-stores in Iowa, Kansas and Texas.
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